- Compass Group 887.00 0.00
- Croda Intl. 2,529.00 0.00
- Eurasian 254.80 0.00
- Hsbc Hldgs.uk 726.00 0.00
- Next 4,580.00 0.00
- Woburn Energy 1.50 0.00
- Xtract 0.13 0.00
Oil & Gas Sector: Range soars after significant rise in reserves at North Chapman Ranch
Friday, 8th June 2012
Range Resources' (LON:RRL) shares were up by nearly 19% in late afternoon trading after it revealed a significant increase in proved and probable reserves at the North Chapman Ranch project in Texas, Range - which holds a 20-25% interest in the project - company engaged leading Independent Petroleum Consultants Forrest A. Garb and Associates to complete a review following the successful completion of the Smith #2 and Albrecht wells.
Executive director Peter Landau said: "We are extremely pleased with the recent results from our Texas drilling programs, which has confirmed what the company had strived to do in increasing shareholder value through the increase in the company's share of proved and probable reserves from the North Chapman Ranch project.
"This now paves the way for the company to commence divestment of the company's interest in the project during Q3 2012.
"The sales prices of similar production assets in the region have been encouraging, and any such divestment will provide significant funding that could be applied to Range's current activities and other possible corporate initiatives such as an on market share buy back."
Northern Petroleum (LON:NOP) swung back into the black in 2011.
Total annual production was 31% up on 2010, even though in The Netherlands its operations on four new gas fields were at the initial stages, with production to be enhanced following further development drilling.
Dutch gas volumes from other fields were maintained and the gas and oil prices we received were higher.
The average unit gas price received in The Netherlands in 2011 was higher than in 2010.
Revenues were up by â?¬9.5m at â?¬24.5m and the company posts a profit of â?¬6.2m against a loss of â?¬1.2m in 2010.
Independent oil producer Exillon Energy's (LON:EXI) output averaged 11,320 barrels per day in May.
Production from the Timan-Pechora region averaged 3,434bpd while output from west Siberia averaged 7,886bpd.
Peak daily production was 12,247bpd during the period.
Average production at Exillon WS during May was restricted by works being carried out on the group's intrafield pipeline network.
Current production from Exillon WS is now approximately 9,500bpd.
The company said Well East EWS I-51, which was spudded on 7 May, was drilled in 20 days on the northern part of the East EWS I field.
This is the first development well drilled from pad 5 following the success of exploration well 50 drilled last year.
The well flowed water-free oil naturally to the surface with a flow rate of 892bpd on an 8 mm choke and 1,218bpd on a 10 mm choke.
The well encountered the Jurassic P reservoir at 1,861 metres, confirming 15.0 metres of effective vertical net pay within the Jurassic.
Due to the trajectory of the well bore this exposed 30.7 metres of effective net oil pay for production.
Oil water contact in this area of the field was previously assumed at 1,872 metres, and well 51 was designed to test this assumption. The new well has not encountered an oil water transition zone and confirmed presence of oil at least 4 metres below the previously assumed oil water contact.
This is likely to have a positive impact on both the production and reserves in this area of the field.
The well was drilled directionally 0.6 km to the north from the existing well pad 5, and is now connected to our existing production facilities.
The company said Well North EWS I - 61, which was spudded on 30 April, was drilled in 31 days on the North EWS I field.
The well encountered the Jurassic P reservoir at 1,856m, confirming 9.5 metres of net oil pay.
The well was drilled directionally with a high level of deviation (1.6km) to the north of Pad 6.
Exillon is currently analysing the results and a decision on how best to test and develop the well will be made once this analysis is complete.
Essar Energy (LON:ESSR) has received final 'Pinjam Pakai' forest approval for its Aries coal mine in Indonesia.
This is the final approval needed ahead of commencement of mine development activities.
Essar Energy acquired a 100% interest in the Aries coal mine in April 2010 for $118m.
The mining area comprises approximately 5,000 hectares located in the West Kutai region of East Kalimantan.
A Joint Ore Reserves Committee (JORC) compliant resource assessment estimates that the block contains approximately 64 million tonnes of mineable reserves with an annual potential production of 4 million tonnes of coal with an average gross calorific value of 5,400 to 5,500 Kcal/kg.
This is sufficient to provide a dedicated fuel supply to the Salaya I, 1,200 MW coal-fired power plant located in Gujarat, India.
Quadrise Fuels International (LON:QFI), the emerging manufacturer and supplier of MSAR emulsion fuels, a low cost alternative to heavy fuel oil in the global shipping, refining and steam power generation markets, has moved its focus to a sea borne assessment on a Mærsk container ship.
This was the first time that commercial oil-in-water emulsion fuel has been trialled in 2-stroke marine diesel applications of this scale. Major innovative fuels development programmes require sufficient time for analysis of data, correction of any deficiencies and exploitation of opportunities revealed by the results of 'in service' performance.
Many aspects of the sea borne assessment thus far have been successful, such as general handling of the product and bunkering of the vessel, long term (over one year) storage of test fuel at ambient temperatures, and importantly confirming the emissions reduction potential of Marine MSAR®.
During this first assessment it was not possible to fully optimise engine performance, as the test configuration afforded limited scope for relevant 'in service' adjustments. These recent results have provided the necessary data for future adjustment and assessments.
Further marine engine and 'in service' tests are planned in the second half of the year with the support of Maersk, candidate refineries and major engine manufacturers. On completion, the programme is planned to move to the next phase involving use of MSAR® fuel in a sample of the Mærsk fleet.
Chairman Ian Williams said: "As expected by QFI and our Joint Development Programme partners , this first 'in service' assessment has yielded valuable data to inform and guide progression to commercial availability of our Marine MSAR fuels.
"In particular, the confirmation of potential emissions related environmental benefits is a key outcome. We are especially encouraged by the continued support and enthusiasm of our partners in this 'game changing' venture."
At 4:12pm:
(LON:AUR) Aurum Mining share price was +0.01p at 2.88p
(LON:BOR) share price was -0.12p at 73.88p
(LON:CHAR) share price was -3.37p at 81.38p
(LON:DES) Desire Petroleum share price was -0.25p at 23p
(LON:DGO) Dragon Oil share price was -3p at 536p
(LON:ENQ) share price was -0.35p at 121.85p
(LON:ESSR) share price was -6.05p at 118.25p
(LON:EXI) share price was -1.42p at 97.58p
(LON:FOGL) Falkland Oil and Gas Limited share price was -1.62p at 93.38p
(LON:GKP) Gulf Keystone Petroleum share price was -1p at 187p
(LON:GPX) share price was -1.75p at 88.75p
(LON:INDI) share price was +2.5p at 862.5p
(LON:NOP) Northern Petroleum share price was +1.75p at 63.5p
(LON:PET) Petrel Resources share price was +0.01p at 4.63p
(LON:QFI) share price was -0.5p at 5.63p
(LON:RKH) share price was -1.12p at 294.13p
(LON:RPT) Regal Petroleum share price was -0.13p at 19.75p
(LON:RRL) share price was +1.23p at 8.59p
(LON:XEL) share price was -0.62p at 89.38p
Story provided by StockMarketWire.com
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